Martes 29/03/11 Case Shiller, confianza del consumidor

[admin]

Yields subiendo 3.50%

El gobierno de Siria renuncia.

VIX down 18.79

Oil up 104.57

+63.80

[jonibol]

Perú 0 - Ecuador 0. Finish

[admin]

Ag down 37.05

+63.99

[admin]

Rally +81.02

[Maricielo]

Toledó hablará en algunos minutos

http://elcomercio.pe/envivo

[Maricielo]

Perú 0 - Ecuador 0. Finish

Que partido tan aburrido

[admin]

ERX +3.71%

[admin]

Nokia, Amazon, AAPL enjuiciandose la una a la otra.

[Maricielo]

Para no desacostumbrarnos....vuelve la hora Cabana!!!

[Maricielo]

Para no desacostumbrarnos....vuelve la hora Cabana!!!

Comenzó!

[Peterd]

Perú 0 - Ecuador 0. Finish

Que partido tan aburrido

Antes no me perdia un partido de futbol ahora ni se me ocurriria verlo y menos amistoso

[admin]

Reguladores revelan nuevas reglas de hipotecas\

20% de cuota inicial para la compra de una casa. Solo el 28% del ingreso neto debe ser destinado para el pago de la casas y el 36% del ingreso bruto. (como maximo de deuda total)

Regulators Unveil Mortgage-Lending Rules

By ALAN ZIBEL
WASHINGTON—U.S. bank regulators unveiled a long-awaited proposal to overhaul the market for securities backed by mortgages and other assets, a piece of the financial system battered by the recession and financial crisis.

The proposal approved for public comment by the Federal Deposit Insurance Corp. and Federal Reserve Board is designed to encourage safer lending practices by mandating that issuers of mortgage-backed securities either follow conservative principles, such as requiring 20% down payments for mortgages, or hold a portion of the loans on their books. Companies that package loans into securities would have to hold at least 5% of the credit risk, unless the loans meet an exemption for high-quality loans.

The proposed exemption would apply to loans with a minimum 20% down payment. The proposal requests public comment on an alternative approach that would allow for a 10% down payment and mortgage insurance.

It also recommends that homeowners spend only 28% of their pretax income on their primary mortgage and 36% on total debt, including home-equity loans, car and student loans plus credit card debt, a limit that is far more restrictive than lenders allowed in the housing boom years.

The proposed rules wouldn't apply to the vast majority of loans made today. For example, loans backed by Fannie Mae, Freddie Mac and the Federal Housing Administration, which currently back about 90% of new loans, are exempt as long as the companies remain under federal control, as they have been since September 2008. Fannie and Freddie package loans into securities and sell them to investors with a guarantee against default. Regulators decided that this guarantee would satisfy the risk retention requirement.

Mortgage lenders and consumer advocates says the proposal will constrain credit.

John Taylor, chief executive of the National Community Reinvestment Coalition, said that requiring 20% down payments will "ensure broad swaths of working and middle class people will not be able to get a loan."

The Federal Reserve approved the proposal on Monday, the FDIC did so on Tuesday and the Securities and Exchange Commission will consider it on Wednesday. The proposal needs the approval of the Department of Housing and Urban Development, Office of the Comptroller of the Currency and Federal Housing Finance Agency.

The six federal regulators haggled over standards in proposal for months and are unlikely to make changes until they receive comments from industry and consumer-advocacy groups. Finishing the regulations could take several more months. Comments aren't due until June 10.

Treasury Secretary Timothy Geithner called the proposal "an important next step in our ongoing efforts to fundamentally reform America's housing-finance market and our nation's broader financial system."

FDIC Chairman Sheila Bair said the rule doesn't mean "all home buyers would have to meet these high standards to qualify for a mortgage." The exemption, she said, will apply to "a small slice of the market." Providing too broad of an exemption "could cause credit availability outside the exempt category to evaporate," said Acting Comptroller of the Currency John Walsh.

Fannie and Freddie package loans into securities and sell them to investors with a guarantee against default. Regulators decided this guarantee would satisfy the risk-retention requirement.

That decision is likely to be opposed on Capitol Hill. Rep. Scott Garrett (R., N.J.) is expected to introduce a bill Tuesday requiring Fannie and Freddie to comply with the risk-retention rules. Sen. David Vitter (R., La.) said the rule "would not make [Fannie and Freddie] or their loans safe."

The rules were required by the Dodd-Frank financial overhaul law passed last summer, which required issuers of securities backed by mortgages and other loans to hold 5% of the credit risk. The goal is to require banks to have more "skin in the game" and avoid a repeat of the lax lending practices that led to the financial crisis.

The market for mortgage-backed securities issued without the government's guarantee has been largely dormant since the housing market went bust. The new rules are meant to lay out which loans can be included in those securities.

In 2003, more than $3 trillion in asset-backed securities were issued. That number, which includes Fannie and Freddie securities, was down to a little more than $1.9 trillion in 2009, according to Asset Backed Alert, a trade publication.

The rules also give issuers of mortgage-backed and other asset-backed securities a choice over what portion of loans they must keep, meaning they could decide to take less-risky pieces. They also include a set of standards for mortgage servicers, which collect mortgage payments and distribute them to investors.

Including them in the rules for gold-standard loans was a priority for Ms. Bair, and a source of behind-the-scenes contention for regulators. Regulators are working on a broader proposal that would apply to all loans.

[Peterd]

El Presidente de la BVL minimizando el efecto Humala en la bolsa en RPP este viejito esta en la Luna quien lo habra puesto deberian cambiarlo y poner gente mas experta y que no tengan miedo de decir la verdad.

[admin]

Brasil enamorado de los impuestos

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Impone un impuesto del 6% a los bonos internaciona que maduren en un anio o menos

El real se ha valorizado 39% desde finales del 2008.


Brazil Imposes 6% Tax on International Bonds Maturing in Up to One Year
By Iuri Dantas and Arnaldo Galvao - Mar 29, 2011 1:20 PM ET

Brazilian President Dilma Rousseff raised taxes on corporate loans and debt sales abroad by banks in a bid to contain a 39 percent gain in the real since the end of 2008. The real erased this year’s losses and yields on interest-rate futures rose.

Brazil imposed a tax of 6 percent on international bond sales and loans with an average minimum maturity of up to 360 days, according to a decree published today in the Official Gazette. Companies had paid a 5.38 percent tax on loans up to 90 days and zero tax when the operation exceeded three months.

“There’s a strong movement toward getting credit overseas, for obvious reasons, as credit is much cheaper there,” Finance Minister Guido Mantega said today. “Three-month loans are not for investments. The inflow of dollars is too strong, damaging the exchange rate, appreciating the real and harming exporters. We want to avoid that.”

Countries across Latin America are buying dollars while nations including Brazil and South Korea raise taxes on foreign purchases of bonds to stem currency gains that hurt exporters. Mantega said in September that Brazil is a victim of a “currency war” in which nations seek export advantages by competitively weakening their currencies.

Contain the Real
Speaking to reporters today in Brasilia, Mantega said the increase of the so-called IOF tax on foreign borrowing aims to avoid further appreciation of the real while reducing the exposure of companies and banks to debt in a foreign currency. The government may adopt new measures on loans maturing longer than 360 days if it detects an increase in such inflows, he said.

“The measure will restrain foreign loans,” Luciano Rostagno, chief strategist at CM Capital Markets brokerage said. “We were having huge inflows from companies and banks and that partly explains why the central bank’s been trying other tools to fight inflation and avoid an appreciation of the currency.”

The tax increase also targets banks transferring cheaper credit to clients at a moment when the central bank is raising interest rates and requiring higher reserves and capital levels to slow the pace of loans in Brazil, Mantega said.

The exchange rate may not show an immediate reaction to the higher levy as there are external factors influencing currency inflows, Mantega said.

Rising Real
The real erased this year’s losses, rising 0.4 percent to 1.6561 per the dollar at 12:53 p.m. New York time. Yields on interest-rate futures market rose for the five most traded contracts today. The yield on the contract maturing in January 2013, the most traded today in Sao Paulo BM&F Bovespa stock exchange, rose five basis points, or 0.05 percentage point, to 12.78 percent.

The higher levy on foreign borrowing might help avoid a further appreciation of the real “in the short term” while failing in the medium term, Jankiel Santos, chief economist at Espirito Santo Investment Bank, said in a telephone interview.

“If the intention is an immediate containment of capital flows it might have some effectiveness,” Santos said. “In the medium term, a weak dollar in the world, strong economy in Brazil and interest rate differential will remain to stimulate the flow of currencies.”

Brazil inflation
Brazil’s inflation, as measured by the IPCA-15 consumer price index, quickened to 6.13 percent in the year through mid- March, the highest level since November 2008.

Higher taxes on foreign loans “won’t work” either to control inflation or weaken the currency, said former central bank President Carlos Langoni, director of the Getulio Vargas Foundation in Rio de Janeiro. Only raising interest rates will help cool inflation, he said.

The central bank has raised borrowing costs five times since last April, pushing the Selic to 11.75 percent, from 8.75 percent a year earlier. The benchmark rates in the U.S., Japan and Europe are no higher than 1 percent.

Central bank President Alexandre Tombini signaled last week that policy makers may adopt new measures to curb consumer credit growth as part of a group of measures to contain demand in Brazil.

The higher IOF tax on foreign loans will also reduce the credit available in the economy by reducing liquidity, in a move that may help contain inflation, Luiz Fernando Figueiredo, founder of Maua Investimento LTDA and a former central bank director, said at the Bloomberg Brazil Economic Summit in Sao Paulo today.

Tripled Tax
The government tripled a tax on foreign investors’ fixed- income purchases to 6 percent in October as part of the effort to stem gains in the real. The central bank has bought $18.8 billion dollars in the spot market, or 45 percent of the record amount it purchased last year. Additionally, the bank set reserve requirements on short dollar positions held by local banks in January and bought dollars in the futures market for the first time in 21 months.

At 5.7 percent, Brazil’s inflation-adjusted interest rate is the highest in the Group of 20 nations, according to data compiled by Bloomberg.

Brazil’s real has gained 39 percent against the U.S. dollar since the end of 2008, the most among 25 emerging market currencies tracked by Bloomberg.

“It’s not time to adopt currency measures -- the government should instead increase productivity by stimulating the import of capital goods,” Andre Perfeito, chief economist at Gradual Investimentos in Sao Paulo, said before the announcement. “The real is strengthening because Brazil is attracting capital and the country’s interest rates are high. New measures may keep investors away from the country.”

Olympic Investment
The efforts were dwarfed by increasing foreign investment as Latin America’s biggest economy builds roads and airports to host the 2014 World Cup and 2016 Olympics.

Net foreign-currency inflows to Brazil from trade and financial transactions amounted to $24.4 billion this year, exceeding the total amount in all of 2010, according to the central bank.

Foreign investment in Brazilian stocks and fixed-income assets fell 91.4 percent to $206 million in January from $2.39 billion in January 2010, according to the central bank. Foreign direct investment more than quadrupled over the same period, to $2.96 billion, from $600 million.

“We remain very skeptical that any new measures will have a substantial impact on the level of the Brazilian real,” Tony Volpon, a Latin America strategist at Nomura Securities in New York, wrote in a note to clients this month. “The major types of inflows seen in the market are investment-driven. This is the ‘good’ type of inflows that Brazil needs to grow, and we doubt very much that the government will do anything to curtail them.”

To contact the reporters on this story: Iuri Dantas in Brasilia at idantas@bloomberg.net; Arnaldo Galvao in Brasilia Newsroom at agalvao1@bloomberg.net;

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.

[Victor VE]

Y qué dijo Toledo?